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Showing posts from June, 2010

Brunei, a World Cup free country?

On uk.MSN travel, I found this article written by Owen Adams, an MSN Travel Contributor and posted on 24 June 2010. The original article is here.

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World Cup-free countries
BRUNEI

This oil-rich rainforest sultanate on the island of Borneo is not widely regarded as a sporting nation - basketball and rugby union associations were formed only in the past decade and the soccer league drawn up in 2002. Fifa took a dim view of the government disbanding the football association in 2008 and banned the Wasps (the national squad) from playing internationally.

As a result, the World Cup is likely to be shunned by the sultan-controlled TV broadcasters in favour of Brunei's own children's "football carnival". The country will also be preoccupied with preparations for his very wealthy majesty's 64th birthday, on July 15. The main tourist sights in Brunei revolve around the almighty monarchy, including the world's biggest palace, Istana Nurul Iman, and Jerudong Park Playgrou…

100 Years of Modern Land Administration

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1906 was the beginning of Brunei's modern administration brought about the first British Resident, Mr. MSH McArthur. With the modern administration, many old institutions were broken up. One national institution was the administration of land ownership. Up to 1906, land belonged under one of the three types of administration, the kuripan, kerajaan and tulin. You either had to be one of the descendants of these holders or you are not. Or if you are rich enough, you can own the beneficial rights by paying the holders lots of money. Anyway, come the modern government in 1906. The first thing they did was to establish state lands which could be leased out or given out to companies who can make economic use out of it so that the country can benefit. The 1909 Land Code did that.

Last year was the 100th anniversary of the modern land administration. The Land Department did a 100 year celebration by holding a national land seminar but unfortunately the stamps to commemorate it were not rea…

IMF's Views on Brunei 2010

On May 5 2010, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Brunei Darussalam.1BackgroundThe oil and gas sector continued to dominate Brunei’s economy, accounting for about 50 percent of real GDP, 95 percent of total exports, and 90 percent of government revenue. GDP per capita (US$36,225) remains one of the highest in the world. Oil revenues are saved for future generations through a fund managed by the Brunei Investment Authority (BIA).Flexible and prudent economic management has mitigated the impact of the global economic downturn. While the economy contracted in 2008 and 2009 and the fiscal and current account surpluses declined—owing to low oil and gas production—the financial sector remained stable underpinned by a large structural liquidity, limited exposure to toxic assets, and adequate capital. Inflation remained contained reflecting the decline in global commodity prices and the continuation of price controls. Althou…